Solar Ladder Raises Rs 11 Cr In Seed Round
According to the company, the fresh funds will be utilised to distribute software that automates processes for solar installers, allowing them to expand their business tenfold
Solar Ladder, a supply chain platform for solar installation companies, has raised 11 crore in seed funding from Axilor Ventures, Titan Capital, DeVC, Stride Ventures, and angels from Atha Group, NIPHA group, Varun Alagh (Founder, Mamaearth), Subin Mitra and Aditya Bandi of Groyyo, Deepak Jain (Partner, Bain and Co.) among others.
According to the company, the fresh funds will be utilised to distribute software that automates processes for solar installers, allowing them to expand their business tenfold and aims to become the go-to ecosystem for solar installation companies.
The Solar Ladder SaaS tool provides end-to-end, sales-to-project management to operations and maintenance resources to solar installation companies looking to grow their business, while its procurement layer assists with the acquisition of solar modules, inverters, structures, balance of system, and other necessary materials. Manan Mehta, Abhishek Pillai, and Farhan Ahmed founded Solar Ladder in 2021.
India's solar rooftop market has experienced a consistent upward trend in recent years. According to reports, India’s potential for rooftop solar is estimated at 200 GW. In FY22, India added 1.7 gigawatt (GW) of rooftop solar capacity, the highest ever in a fiscal, such installations were up 136 percent compared to 719 MW in FY20. In the first quarter of FY23, 456 MW of rooftop solar capacity was added, the second-highest for a quarter.
Commenting on the funding, Manan Mehta, Co-Founder, Solar Ladder said, “India’s per capita electricity consumption is significantly lower than the global average, and rooftop solar energy is the most cost-effective means of generating electricity. By adopting rooftop solar energy India has a unique chance to decentralize its power supply and enhance the quality of life for all citizens. The key to seizing this opportunity lies with the solar installers who are striving to implement rooftop solar on a large scale. Solar Ladder aims to facilitate faster scaling for these installers by providing them with appropriate financial, procurement, and software tools.”
“Solar Ladder is one of the most capital-efficient and frugally innovative teams we've invested in. The founders have been passionately working on ground and understand every facet of the industry. Their early set of customers have grown manifolds and we are excited to see them replicate the business model on a larger scale," said Bipin Shah, Partner, Titan Capital.
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